Daily:
- There was a quick spike to a slightly higher high, which looked promising, but momentum was not enough to reak above 525 key resistance. Correction was stronger than I previously expected, Price dipped back below Kijun, but it seems spot Kumo, 100wma and minor bullishtrendline supports started to work and block sellers.
- Ichimoku has a bullish bias with Price to Ichimoku system relation as kind of neutral. Bullish momentum would pick up above 490-4495.
- Heikin-Ashi shows loss of counter bearish momentum. We may have a buy signal in coming days from this important 470-480 support zone .
- EWO bounced back to zero. (neutral)

I think 472-479 is a good risk/reward accumulation zone to build initial 1 unit trade size. Initial stops has to be place ard 460. Leverage up position only if you see confirmning bullish signals!

Note: look what Soybeans and Corn have done so far! For now Wheat is the weakest among all, but if it is really a sleeping princess, sooner or later it might join them in the move!

Related Ideas

Right face of the "Princess" got smashed! This mkt stays bearish for longer. There might be counter bullish moves, but the big picture got a lot worse. In fact whole year Wheat was a great underperformer. Only Soybeans was the real one bullish trending, and maybe Corn follwing Sbeans somehow.
For now also Soybeans and Corn turned lower.